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Podcast: Women in business - why it’s a strength, not a weakness
Self-confidence is the key when it comes to overcoming barriers in the male-dominated boardroom Unlock the value of mentoring and the ‘coaching culture’ to get the best out of yourself and your business Successful female business leader launched company while doing an MBA at Aston University and caring for her baby. Budding female entrepreneurs should ignore the “voice on the shoulder” undermining their confidence and fulfil their dream of starting their own business. That is the advice given by a professor at Aston University and a successful female business leader in a podcast created to mark International Women’s Day on 8 March. Helen Higson, professor of higher education learning and management at Aston Business School, spoke about the challenges facing women in the latest episode of the ‘Aston means business' podcast series, presented by journalist Steve Dyson. Daniella Genas, who launched her consultancy company She’s The Boss International while studying for her MBA at Aston Business School, was also interviewed on the podcast. Professor Higson, who was awarded an OBE in 2011 for services to higher education, said she had three main tips for women seeking to start their own businesses. She said: “Be yourself, be authentic, don’t try to mimic anyone else, and don’t let that voice on the shoulder chipping away at your confidence win out. “Where this lack of confidence comes from, I do not know, but self-doubt can really get in the way, so have a conversation with your lack of self-confidence by saying ‘shut up you, I will show you’.” The second piece of advice was to “challenge yourself kindly, be very kind to yourself, and don’t beat yourself up”, while the third was to grasp the “power of mentoring and coaching”, with Professor Higson herself having trained as an executive coach during lockdown. She added: “Coaching culture is fashionable now but it’s actually only trying to help people to take responsibility for maximising their own performance.” Daniella Genas, who also completed the Goldman Sachs 10,000 Small Businesses programme at Aston Business School, has similar advice for women looking to emulate her success. She explained that the first issue was for women to “see your difference as a strength, not as a weakness”. She said: “If more women embraced their femininity, their knowledge and competence, and stop allowing the fact that they are women to make them second guess themselves, we’d be able to get so much further.” Ms Genas said women entrepreneurs should also focus on key systems when building businesses so they are not heavily reliant on the owner. She said: “If you do need to step away to have a child, you are [then] not put in a position where you have to sell your business”. That is particularly relevant to Ms Genas as she was forced to sell her first business, Aspire For You, which she set up in 2006, after becoming pregnant with her first child. However, that decision led her to study rather than go on maternity leave, starting with the Goldman Sachs 10,000 Small Businesses programme and then the MBA at Aston Business School, while caring for her baby. Goldman Sachs 10,000 Small Businesses programme, she recalled, “really changed my mindset”. She said: “I found there were businesses double, triple, quadruple the size that I had that were facing the exact same challenges and problems.” Daniella, who obtained a distinction with her MBA, said completing the programmes gave her the confidence to say ‘I am as good as anybody else and probably better in many areas’. She added: “The idea that I may be seen as less than because I am a woman kind of left my brain.” Her company, which helps female-run businesses grow but in a sustainable way, recently became She’s The Boss International after taking on clients in the US and St Maarten. It is a far cry, she says, from being told by teachers at her comprehensive school that she should set her sights a bit lower, even asking her ‘have you considered being a cleaner?’. Professor Higson said Daniella’s story demonstrated the value of education and energy. “You shouldn’t see anything as a barrier,” she said. “I am quite small, 5ft 2in, and one woman leader said to me: ‘You’re going to find it very difficult to be a female leader because you are so small.’ I replied ‘I may be small but I make up for it with my energy.’ It’s about your impact rather than what you look like.” Episode 7 in series 4 of ‘Aston Means Business’ podcast can be found HERE.
As he arrived at ChristianaCare’s emergency department because of diabetes complications that were causing excruciating pain in his left foot, Edwin Bryson Sr., 71, of Wilmington, Del., had resigned himself to what seemed inevitable—he was going to need hospitalization. But he was surprised when his care team offered him the chance to get the hospital care he needed in the place he likes best — his own apartment. For 20 days, Bryson was a patient in the ChristianaCare hospital care at home program, which offers in-home services to patients who would otherwise require inpatient hospitalization. Daily, members of his care team visited his home to take his vital signs, give him medication and assist him with getting dressed. They also helped with additional tasks to improve his overall health and safety, such as buying an extra lamp and flashlights to ensure the lighting in his home was adequate for his safety, and assisting him with ordering food. “It was a good feeling to be at home,” Bryson said. “My friends would knock on my door and make sure I was OK. My son and my nephews could stop to see me when they felt like it or had the time. They always say, ‘There’s no place like home,’ and it’s true. All I do is hit the button and a nurse comes on to assist me with anything I need and check on my vitals. It was 24-hour service here, just like I was in the hospital.” ChristianaCare has admitted and cared for more than a dozen patients in the hospital care at home program since it launched in December 2021, designed in partnership with the Medically Home Group Inc. The program, which offers the highest level of in-home acute care in Delaware, combines virtual and in-person care provided by a team of physicians, nurse practitioners, registered nurses and other providers. In-person and virtual visits from the health care team, along with mobile imaging and lab services, delivery services for meals and nutrition, and pharmacy medication and management, mean a patient doesn’t need to leave home to get better. Virtual technology and home health equipment brought into the patient’s home ensure round-the-clock monitoring and care that mirrors a traditional hospital setting. “One of the things we’ve learned in a short time about the hospital care at home program is how patient-centered this approach is and how we’re able to customize the care we deliver,” said Sarah Schenck, M.D., medical director of the program. “Most of the things we can do in the hospital we can also do at home. And it turns out patients really prefer that venue. They’re in their own home with their loved ones, their pets, sleeping in their own bed and eating their own food.” Currently, to be considered for hospital care at home, patients must live within 25 miles of Christiana and Wilmington hospitals. Patients who come to the emergency department with common chronic conditions such as congestive heart failure, respiratory ailments, diabetes complications and infections like pneumonia, are eligible for consideration. All hospital care at home patients receive a technology kit that connects them to the command center, powered by the ChristianaCare Center for Virtual Health. With a touch of a button, patients can access an expert team of ChristianaCare physicians and nurses. When patients are well enough to be discharged, the care team collaborates with the patient’s primary care physician to ensure a seamless transition. ChristianaCare joins an elite group of health systems nationwide offering at-home hospital care. Clinical research studies comparing patients in traditional hospitals with patients who received hospital-level care at home have found those who received in-home care experienced fewer readmissions, lower mortality rates, reduced falls and lower costs. “Patient satisfaction is really high with this program,” said Steaphine Taggart, director of operations for the program. “There’s more caregiver interaction with families because they are allowed to come into the home. And overall, there’s more patient-centered care and delivery because it’s in the home,” Registered nurse Mary Pat McCabe has treated patients for 17 years. Working in the hospital care at home command center, she has the opportunity to be even more personable in the virtual setting than a traditional inpatient encounter. “You get to know them and their family members and if they have a pet. You can see into their home and get more of a feel for who they are,” McCabe said. Dr. Schenck said hospital care at home is an exciting example of how new, innovative models of care can improve patient outcomes, reduce costs and transform care. “It’s really foundational for the future of health care delivery. This is our first step, but it’s definitely going to grow,” she said. For Bryson, who was recently discharged, it’s even simpler: “You get better, get back out there and get back into life again.”
Aston University appoints new Vice-Chancellor
Aston University is delighted to announce that Professor Aleks Subic has been appointed as its next Vice-Chancellor and Chief Executive. He succeeds Professor Alec Cameron, who stepped down after five years in December 2021. He will take up the post in August 2022, until which time Saskia Loer Hansen will continue in her role as Interim Vice-Chancellor. Dame Yve Buckland, Pro-Chancellor of Aston University, said “I am absolutely delighted at Professor Aleks Subic’s appointment. He joins the University at an exciting time and his wide experience of leadership across both academia and industry makes him a perfect fit for Aston University’s needs and ambitions.” Professor Subic said “I feel privileged at being given the opportunity to lead Aston University at this time. The University is renowned for its commitment to graduate employability, translational research and its engagement with business. “I look forward to continuing the momentum built up by Professor Alec Cameron and Saskia Loer Hansen, and I am ambitious to see Aston University continue to build on its reputation for high quality teaching, research and business engagement locally, nationally and internationally.” Saskia Loer Hansen, Interim Vice-Chancellor of Aston University, said “I should like to congratulate Professor Subic warmly on his appointment. His credentials as a leader, both in industry and in higher education, equip him for guiding Aston University to even greater success. “I am sure he will work rigorously to build on our achievements, promote the University worldwide and further strengthen our reputation as a leading university for business and enterprise.” Professor Subic is currently the Deputy Vice-Chancellor (STEM) and Vice President (Digital Innovation) at RMIT University, where he is responsible for leading the STEM College and Digital Innovation portfolio in Australia and globally. Prior to this appointment he was the Deputy Vice-Chancellor (Research & Enterprise) at Swinburne University of Technology, responsible for research, graduate studies, engagement and partnerships, advancement, innovation, enterprise, and commercialisation, leading the research transformation of the university towards top 2% in the world. Before that, he was the Executive Dean of Engineering at RMIT University, one of the largest engineering faculties in Australia, ranked in top 1% in the world and renowned for industry-partnered education and research. Concurrent with his academic appointments, Professor Subic has held notable appointments on the Australian Prime Minister's Industry 4.0 Taskforce and the Australian Advanced Manufacturing Council Leaders Group (Australian Industry Group). Previously he was the Director and Deputy Chair of the Australian Association of Aviation and Aerospace Industries, Director of Oceania Cybersecurity Centre Governing Board, Director of the Society of Automotive Engineers Australasia Board, Director of National Imaging Facility Governing Board, Director of Australian Housing and Urban Research Institute Governing Board, and Director of the Victorian Centre for New Energy Technologies Governing Board. He has served on a number of national and international research committees and expert panels, including as Chair of the European Research Council Expert Panel for Physical Sciences and Engineering, Technology Group of the Global Federation of Competitiveness Councils, Forbes Technology Council, Defence Materials Technology Centre, Editor and Associate Editor of international scholarly journals.
Will voters 'hit' or 'hold' on allowing legal gambling in Georgia?
Could we see horse racing and other forms of gambling come to Georgia in the near future? The Georgia state legislature is looking at the possibility of legalizing gambling on horse racing and the decision could land in the hands of the voters. Proponents say there is potential for a billion dollars in economic benefits, from job creation to a boost in revenues. Marsha Loda is an associate professor at Augusta University’s Hull College of Business. She said if approved, it will likely take more than horse racing for a track to survive. Loda cites Kentucky as an example of what tracks are doing there. “A lot of people think of Kentucky as the mecca of horse racing, but they don’t realize it might not exist without historical horse racing machines," said Loda. "HHRs are slot-like machines that let players wager on past horse races by a random number generator.” Many tracks nationwide have also expanded into casino and sports betting. While this isn’t what Georgia is looking to do initially, it’s not far off to think it could be on the horizon, with horse racing being the first step. Loda, who previously served as marketing director at Harrah’s Cherokee Resort in North Carolina, knows if casino gambling is approved in the future, most of those people who visit need to come from out of town. “You need to be able to import your people who are going to bet. That means you’re importing revenue. Otherwise you’re taking what’s already spent in your community and just slicing it up and giving it to different places. You’re not growing the pie at all,” said Loda. She has also seen the benefits of legalized betting, citing the added jobs a casino would offer. One aspect of gambling that has exploded is sports betting. More than two dozen states have legalized sports betting. Loda thinks if sports betting was on a ballot and went in front of the public for a vote, it would stand a better chance of passing. “I wouldn’t be surprised to see Georgia pass sports betting. I think sports betting has been very well accepted. I think they would come much closer to getting more voters to approve it if it were sports betting than if it’s horse racing or casino gambling.” This is an important topic with many angles to cover, and if you are a reporter looking to know more, then let our experts help. Loda is a leading marketing expert helping businesses in the hospitality industry bounce back from crises, including the COVID-19 pandemic, and also has had extensive experience in the gambling industry. She is available to speak with media regarding the idea of gambling coming to Georgia. Simply click on her icon now to arrange an interview today.
Vitamin D2 and D3: what’s the difference and which should you take?
Vitamin D is important for maintaining health, as it has many roles in the human body. But there is more than one form of vitamin D, and recent research suggests that these forms may have different effects. So what are the different types of vitamin D, and is one really more beneficial than the other? Although medical conditions later associated with vitamin D deficiency, such as the bone disease rickets, have been known about since the 17th century, vitamin D itself wasn’t identified until the early 20th century. This discovery led to Adolf Windaus winning the Nobel prize for chemistry in 1928. The vitamin D family actually includes five molecules, with the two most important being vitamin D2 and D3. These molecules are also known as ergocalciferol and cholecalciferol, respectively. While both of these types of vitamin D contribute to our health, they differ in how we get them. Dietary vitamin D2 generally comes from plants, particularly mushrooms and yeast, whereas we get vitamin D3 from animal sources, such as oily fish, liver and eggs. Both forms of vitamin D are also available in dietary supplements. What most people probably don’t know is that most of our vitamin D comes from exposing our skin to sunlight. When our skin is exposed to the sun, ultraviolet rays convert a precursor molecule called 7-dehydrocholesterol into vitamin D3. This important effect of exposure to the sun explains why people living at more extreme latitudes, or people who have darker skin, are more prone to vitamin D deficiency. Melanin, a pigment in the skin, blocks ultraviolet rays from activating 7-dehydrocholesterol, thus limiting D3 production. Wearing clothing or sunscreen has a similar effect. Both vitamins D2 and D3 are essentially inactive until they go through two processes in the body. First, the liver changes their chemical structure to form a molecule known as calcidiol. This is the form in which vitamin D is stored in the body. Calcidiol is then further altered in the kidneys to form calcitriol, the active form of the hormone. It is calcitriol that is responsible for the biological actions of vitamin D, including helping bones to form, metabolising calcium and supporting how our immune system works. Technically, vitamin D isn’t a vitamin at all, but a pro-hormone. This means the body converts it into an active hormone. All hormones have receptors (on bone cells, muscle cells, white blood cells) that they bind to and activate, like a key unlocking a lock. Vitamin D2 has the same affinity for the vitamin D receptor as vitamin D3, meaning neither form is better at binding to its receptor. Different effects on the immune system A recent study found that vitamin D2 and D3 supplementation had different effects on genes important for immune function. These findings are significant, as most previous research has failed to find much difference in the effect of supplementation with either vitamin D2 or D3. Most of the research published to date has suggested that the main difference between vitamin D2 and D3 supplementation is the effect on circulating vitamin D levels in the bloodstream. Studies have repeatedly shown that vitamin D3 is superior at raising levels of vitamin D in the body. These findings were supported by a recent review of the evidence which found that vitamin D3 supplementation increased vitamin D levels in the body better than vitamin D2. But not all studies agree. Very few studies support vitamin D2 supplementation being superior to vitamin D3. One trial showed that vitamin D2 was better at treating immune issues in patients who were on steroid therapy. However, other than increasing vitamin D levels in the body, there is not much evidence that vitamin D3 supplements are better than vitamin D2 supplements. One study found that vitamin D3 improved calcium levels more than vitamin D2. But we need more research to provide definitive answers. So which should I take? Vitamin D deficiency is now more prevalent than ever, with around a billion people worldwide being vitamin D deficient. It is important that people at risk of vitamin D deficiency – older adults, people living in less sunny climates and people with darker skin – take vitamin D supplements. Health professionals recommend that most people take 10 micrograms of vitamin D a day, especially in winter. It would appear that vitamin D3 supplements are the superior option for maintaining vitamin D levels, but short exposure of the skin to the sun, even on a cloudy day, will also help you keep healthy vitamin D levels.
Villa Vision provides over 2,000 inner-city children with the tools to improve educational prospects
Villa Vision, an innovative collaboration between Aston University, the Aston Villa Foundation and optical lens supplier Essilor Vision For Life is celebrating the end of its second year having engaged with around 4,500 individuals to raise awareness around the importance of eye health and equip inner-city children with the tools to learn in order to enhance their educational experience and help with their longer-term prospects. Launched in 2020 and delivered by the Aston Villa Foundation, the initiative was the first of its kind in the UK and sought to deliver a programme of eye-health awareness lessons in the classroom, free vision and colour vision screening, followed by a more comprehensive eye test and free glasses to those children who require them, using a fully operational custom-designed mobile eye care unit. With the successful completion of Villa Vision’s second Autumn Term in December, a challenging yet successful year means that the project has now benefited schoolchildren in many local inner-city schools, including: Over 2,200 children receiving the Villa Vision workshop across 30 schools Almost 1,800 children having a vision and colour vision screening check in local primary schools Approximately 280 children (around 16%) being flagged for further investigation Around 100 fully comprehensive eye tests being conducted at schools using the Villa Vision eyecare van Nearly 120 pairs of glasses being provided to children requiring them, helping to support both their educational and social development. Nikhil Sonpal, Villa Vision Project Manager and optometrist at Aston Villa Foundation, said: “The Villa Vision team is extremely proud to have directly reached several thousand local children in supporting their visual health and eye care knowledge through the Foundation’s established network of local primary schools and community organisations.” Leon Davies, professor of optometry and physiological optics in the School of Optometry at Aston University and Vice President of the College of Optometrists said: “We are delighted to see the results that our clinical and research expertise in evidence-based eye care is providing our local community. “The provision of free eye care and raising awareness of the importance of eye health is vital in increasing the long-term prospects of schoolchildren and I am looking forward to future developments of the project in 2022.” Funded by the Premier League, the Professional Footballers’ Association (PFA) and Aston University and delivered by the Aston Villa Foundation, the project is designed to fill a crucial lack of knowledge surrounding the importance of having an eye test and how preventative measures can ensure, among a host of benefits, a lifetime of good vision.
An Opening Day Predicament—Will Baseball Fans Side with Billionaire Owners or Millionaire Players?
A percolating labor showdown between well-heeled Major League Baseball team owners and well-paid baseball players threatens spring training and Opening Day. For the time being, it is an amicable negotiation to carve a new Collective Bargaining Agreement in time for the 2022 season, but it could turn sour, as these things tend to do. As usual, the fans are in that empty, helpless space between billionaire owners and millionaire players. “There’s still a little bit of time here before panic and pressure set in,” said Mike Lewis, Goizueta professor of marketing and a national expert on fandom who also serves as the faculty director of the Emory Marketing Analytics Center (EmoryMAC). “If we get to Opening Day and there is no baseball that is going to be a major shock to the system, and it is going to have major ramifications.” Lewis explains, “Fandom is built by the epic moment, the walk-off home run and the spectacular catch, but fandom is also hurt by the epic failure, such as canceling Opening Day. You might not see it in the data for this season, but it is going to be a hit on the fans’ long-term appreciation for their team.” So, whose side should fandom be on? The billionaire owners or the many millionaire players? The Baseball Collective Bargaining Agreement, Explained Lewis spells out the current baseball dilemma. Players want to reduce the time they have to wait to enter full free agency, which is currently six seasons. The players also want teams to be able to spend at least $245 million a season, per team, on salaries before MLB hits the clubs with a luxury tax, which is a way to keep rich teams from buying all the talent. The luxury tax ceiling is currently $210 million. Players are not happy with the luxury tax because it resembles a “soft” salary cap, or a limit on their pay. “A lot of what the players are looking for is the freedom for the owners to spend,” Lewis says. “And more freedom for the owners to spend is going to make the competitive balance issues in Major League Baseball worse.” Do the fans really want that the players to win this labor fight? Major League Baseball instituted a luxury tax system in 2002 with a new Collective Bargaining Agreement that charged a fee to teams whose payrolls passed a certain threshold. It was done to keep clubs like the Yankees, Red Sox, Dodgers, and Cubs with their massive local television revenues from stockpiling all the stars, Lewis explains. He goes on to say that the luxury tax penalty has slowly lost its effectiveness because revenues have grown in MLB. The rich teams shrug at the tax and the results have been awful for competitive balance in the game. Fans of less wealthy teams despair in this state of oligopoly in baseball. There have been as many 100-loss teams in the past three full seasons (2018, 2019, 2021) as there were from 2007-2017 combined (11). Good players flee the less wealthy teams, losses pile up, and fans are put off. If we move back to the wild west with the market it is going to be harder to keep the franchise superstar in town. “We know what the system’s going to look like with a more open market. It’s going to look like the New York Yankees dominating, as they did in the late 90s and early 2000s. It’s going to look like Alabama in college football.” If the players have their way in this latest bargaining, they will be “stuck” for just three or four years with the team that drafts them, not six, before they hit free agency. Morgan Ward, Goizueta assistant professor of marketing with a research focus on consumer behavior, said the labor tussle between wealthy owners and wealthy players is a “rich people problem” that threatens the “folklore” of the game. “I think it could have a really alienating effect overall on the general public just because it changes the focus of the game, it takes something very communal and familial and makes it very transactional,” Ward says. “It can be very distancing for the fans and, if anything, illustrates the schism between the fans and these players. These are not your friends or neighbors. They are in a very different place in life.” So, Will Fans Side with the Owners? It’s more complicated than that. “The fans have an emotional attachment with the players and no real emotional attachment with the owners,” Ward says. What the Major League Baseball Players Association, or the union, better not count on, Ward notes, is the fandom rallying to the players just because we have seen a national shift toward worker’s rights that arrived with the COVID-19 pandemic. One of those shifts was college athletes, at last, being able to make money off their name, image, and likeness. Labor has been humanized on a certain level, but even though the baseball players are “labor” and in a “union,” Ward says there is no comparison between the fight for college athletes against the majordomo NCAA, the governing body of college athletics, and baseball players against baseball owners. “The public is sympathetic with people in low-wage, high-service industries that finally have the ability to negotiate,” Ward says. “But it’s hard for me to see the same victimization of baseball players that happened with college athletes.” The last time there was a prolonged labor dispute between the owners and players, which was in 1994, it was disastrous for baseball. The players went on strike in August that season, which canceled the World Series. Average attendance per game that season was a then-record of 31,256. It took 10 years for baseball to average more than 30,000 fans to a game because fans became disgusted with the owners and players. “How much should we expect fans to endure this time?” Lewis asks. “They just came off Covid when there were restrictions on attendance and a shortened season,” Lewis said. “This stuff adds up. The fan is going to say, ‘Why am I loyal to these guys?’” If you're a reporter looking to know more - then let us help. Professor Mike Lewis is an Associate Professor of Marketing at Emory University’s Goizueta Business School and is an expert in sports analytics and marketing. Morgan Ward is an Assistant Professor of Marketing at Emory University’s Goizueta Business School and is an expert in consumer behavior. Both experts are available to speak with media - simply click on an icon to arrange a discussion today.
It’s official — President Biden has selected Ketanji Brown Jackson as his nominee to the Supreme Court. If confirmed, she will the first Black woman to sit on the highest court in the nation. This is a momentous occasion for American history and reporters are clamoring to learn more. Our experts are ready with answers to help with your stories. Dr. Martha Ginn, professor of political science at Augusta University, is an expert on the judicial process, constitutional law and the U.S. Supreme Court. She discussed Jackson's credentials and the significance of her nomination. What is Ketanji Brown Jackson’s background and what credentials would bring to the Supreme Court? Why is she President Biden's top choice? President Biden made a campaign promise to nominate a Black woman to the SCOTUS if he had a vacancy to fill. While he had several strong contenders, Judge Brown Jackson is an obvious choice for many reasons. Like all current Justices, excluding Justice Barrett, Judge Brown Jackson has an Ivy League education. She has also clerked at the Supreme Court for Justice Breyer (whom she would replace). Interestingly, Justice Kavanaugh clerked for the Justice he replaced (Justice Kennedy) as well. Background and experience: Judge Brown Jackson was a federal district court judge for eight years (appointed by President Obama) and was just confirmed to the DC Court of Appeals last summer. The DC circuit court is seen as a training ground of sorts for Supreme Court Justices, as many nominees serve there first. What makes Judge Brown Jackson different is her experience as a public defender and then vice chairman of the sentencing commission. Bringing that experience to the Court will provide a much needed perspective on the rights of the accused. The Court recently heard a case regarding implementing the First Steps Act retroactively and it was apparent in the oral argument that some Justices did not appreciate the realities and complexities of sentencing in our criminal justice system. Judge Brown Jackson’s background will help fill that void. What does her appointment signify, seeing as she would be the first Black woman (but only third Black justice) in the history of the Supreme Court, as well as the first former public defender? Having four women on the Court at the same time will be important. More women than men attend law school now but the higher ranks of the profession are still male dominated, so having near parity in the nation’s highest Court is meaningful. Her race is also significant, since she will be only the third Black member of the Court and this would be the first time we have two Black members serving together. It’s likely she and Justice Thomas will be very different ideologically but regardless, demographic representation matters. More than ever the Supreme Court is deciding very controversial matters that impact everyone. Having a Court that represents all voices is significant in maintaining its legitimacy and making sure opposing viewpoints are considered in decision-making. With everything going on currently the nation and world, when do you project a vote will happen, and do you see it going through? Even with all that is going on in the world right now, this will be a top priority to the Democratic Party, particularly with President Biden’s low polling numbers and the upcoming midterm elections. With the slimmest of voting margins possible, the sooner the vote occurs, the better for the Democrats. The Republicans set the precedent with the Barrett nomination that the process can be done in weeks rather than the months taken in previous nominations. I anticipate the Democrats will follow that expedited model. It will be interesting to see if the three Republican senators who voted for her Court of Appeals appointment less than a year ago will oppose her nomination here. Justice Breyer conditioned his retirement on the successful appointment of his replacement. He intends to retire at the end of this year’s term (likely early July), so I would anticipate her confirmation vote by then at the latest. If you are a journalist covering this story, that’s where our experts on this topic can help. Dr. Martha Ginn, professor of political science at Augusta University, is an expert on the judicial process, constitutional law and the U.S. Supreme Court. Ginn is available to speak with media about this topic — simply click on her icon to arrange an interview today.
Kelley professor’s M-Score model remains most viable means of predicting corporate fraud
BLOOMINGTON, Ind. — Enhanced oversight over the auditing profession and firms’ financial reporting has led to a proliferation of models to predict financial statement fraud. But one of the first forensic models, the M-Score, devised by an Indiana University Kelley School of Business professor in the late 90s, remains accurate and is the most economically viable for investors to use, according to a forthcoming paper in The Accounting Review — the official journal of the American Accounting Association. The article, “The Costs of Fraud Prediction Errors,” co-authored by M. Daniel Beneish, professor of accounting and the Alva L. Prickett Chair at Kelley, compares seven fraud prediction models with a cost-based measure that nets the benefits of correctly anticipating instances of fraud against the costs borne by incorrectly identifying non-fraud firms as fraudulent. Even though newer fraud models early doubled the success rate of M-Score, which Beneish developed, they did so at the cost of a much larger number of false positives. As a result, the other models are not used in practice by auditors because they are too costly to implement as all flagged firms must be carefully investigated. “I have long known from my experience consulting with Arthur Andersen — for whom my model detected Enron before the debacle — and other public accounting firms, that litigation concerns relating to false positives — firms incorrectly flagged as having fraudulent financial statements — created an unwillingness by auditors’ general counsel to use fraud prediction models in practice,” Beneish said. “My efforts back then to improve the M-Score in the context of auditing failed because I could not increase the model’s success rate without increasing the number of false positives. It seems that the new models cannot either,” he added. Interestingly, as early as 2017 the M-Score flagged Kangmei Pharmaceutical, a Chinese publicly traded company that was involved in financial reporting fraud between 2016 and 2018. Like the Enron scandal in the U.S., the Kangmei Pharmaceutical scandal helped trigger new regulation in China that increased regulatory penalties for financial fraud (effective March 2020) and last November became China’s first successful class-action lawsuit involving corporate fraud. Its chairman was sentenced to 12 years in prison. “The main purpose of our paper is to provide evidence on the costs and benefits of using fraud prediction models, and to show whether using these models is economically viable for auditors, investors and regulators,” Beneish said. “This is important because the traditional measures commonly used in recent research to justify new models are misleading about model performance in fraud samples as the proportion of fraud firms in the population is very small, and as they typically assume that the cost of a false positive and false negatives (missed detections) are equal.” For example, assume that among 10,000 publicly traded firms, there are about 60 fraud firms and 9,940 firms without misreporting. The newer models detected 42 frauds (70% of the total frauds), and incorrectly flagged 3,976 firms (40% of the non-frauds). The latter is too large a number for most decision makers to investigate. “Our evidence that a cost-based assessment of models is preferable to traditional model comparison measures (e.g., area under the curve), should become even more important as efforts by future researchers in the areas of data mining and machine learning intensify,” Beneish said. Patrick Vorst of Maastricht University, assistant professor in financial accounting and accounting & information management, co-authored the paper with Beneish.
Widening participation expert joins Aston University as visiting professor
Liz Thomas is a leading researcher in widening participation and closing the achievement gap She has a very strong international and national reputation for using her research to inform policy and practice Professor Thomas will work within the University’s College of Business and Social Sciences. A leading researcher whose work addresses patterns of under-representation in higher education has joined Aston University as a visiting professor. Liz Thomas is an expert in widening participation and closing the achievement gap. She has joined the University’s College of Business and Social Sciences to work largely with Aston Business School on inclusivity and employability. Professor Thomas has previously worked on the Teaching Excellence Framework Main Panel (Widening Participation Expert), been Chair of Advisory Group, Evaluation of pre-16 outreach work, Office for Fair Access (now Office for Students) as well as an International member of the Vice Chancellor’s Quality Review, University of South Wales, Australia. During the next Research Excellence Framework (REF) period her research will focus on higher education student and graduate experiences in the ‘new new normal’. The COVID-19 pandemic resulted in an emergency pivot by higher education providers worldwide, from predominantly present-in-person teaching, to primarily or exclusively remote and online learning. As the pandemic has progressed, HE providers have adapted to the new normal, providing a range of hybrid learning, engagement and support opportunities. Employers are also seeing the advantages of more flexible and hybrid ways of working, and this suggests that graduates will need demonstrate additional skills and competencies in relation to autonomy and time management, team working, digital skills and effective communication through a wider range of media. Professor Liz Thomas said: “I am very excited to have been appointed visiting professor in the College of Business and Social Sciences at Aston University. “I'm very much looking forward to working with colleagues on equity in higher education and employment. “Belonging will continue to be an important theme within my research, both conceptually and practically, and within higher education and employment, in the post-pandemic world. We need to capitalise on the advantages that have emerged, and ensure inclusion, and equitable outcomes for all.” Professor Helen E Higson, associate dean accreditations at Aston Business School, said: “I am looking forward to welcoming Liz to Aston Business School to share her knowledge on inclusivity and employability. “She will bring further leadership internally in areas which fit very well with Aston University’s values, student demographics and objectives. “She has a very strong international and national reputation for using her research-informing policy. Much current practice and policy in HE in the UK is influenced by her work.”